Black Stone director granted 1,610 common units

Randall William E. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Randall William E. reported acquisition or exercise transactions in this Form 4 filing.

Black Stone Minerals, L.P. director William E. Randall reported receiving 1,610 common units representing limited partner interests. The units were valued at $13.97 per unit and were awarded as compensation for serving on the Board of Directors.

According to the disclosure, Randall elected to receive these common units instead of a cash retainer under a prior arrangement. After this grant, he directly holds a total of 193,384 common units, reflecting an incremental, compensation-related increase in his equity stake.

Insider Trade Summary

Grant/Award: 1,610 shares

Grant/Award 1 txn

Insider Randall William E.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	1,610	$13.97	$22K

Holdings After Transaction: Common units representing limited partner interests — 193,384 shares (Direct)

Footnotes (1)

1. F1. Pursuant to a previous arrangement, the Reporting Person elected to receive common units in lieu of a cash retainer for service on the Board of Directors of the Partnership's General Partner.

Key Figures

Units granted: 1,610 units Grant value per unit: $13.97 per unit Holdings after grant: 193,384 units

3 metrics

Units granted 1,610 units Compensation grant for Board service

Grant value per unit $13.97 per unit Reported value of common units granted

Holdings after grant 193,384 units Common units directly owned post-transaction

Key Terms

Common units representing limited partner interests, Grant, award, or other acquisition, cash retainer, Board of Directors

4 terms

Common units representing limited partner interests financial

"security_title: "Common units representing limited partner interests""

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

cash retainer financial

"elected to receive common units in lieu of a cash retainer"

Board of Directors financial

"cash retainer for service on the Board of Directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Black Stone Minerals (BSM) report for William E. Randall?

Black Stone Minerals reported that director William E. Randall received 1,610 common units as a compensation grant. These units represent limited partner interests and were awarded instead of a cash retainer for his Board service, increasing his direct holdings to 193,384 common units.

Was the Black Stone Minerals (BSM) transaction an open-market buy or a compensation grant?

The transaction was a compensation grant, not an open-market purchase. Randall elected to receive 1,610 common units in lieu of a cash retainer for serving on the Board of Directors, as provided under a prior arrangement with the partnership.

At what price were the new Black Stone Minerals (BSM) units valued in Randall’s grant?

The 1,610 common units granted to Randall were valued at $13.97 per unit. This value is used for reporting and compensation purposes and does not necessarily indicate a separate market purchase or sale on that date.

How many Black Stone Minerals (BSM) units does Randall own after this Form 4 transaction?

After receiving the 1,610-unit grant, Randall directly owns 193,384 common units. These units represent his reported beneficial ownership of limited partner interests in Black Stone Minerals following the compensation-related award disclosed in the Form 4.

Why did William E. Randall receive Black Stone Minerals (BSM) units instead of cash?

Under a previous arrangement, Randall elected to receive common units in lieu of a cash retainer for Board service. This structure compensates him with equity in Black Stone Minerals, aligning part of his Board compensation with the partnership’s performance over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 04:54 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Randall William E.

(Last) (First) (Middle)

1001 FANNIN STREET, SUITE 2020

(Street)

HOUSTON TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Black Stone Minerals, L.P. [ BSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common units representing limited partner interests	07/02/2026		A		1,610	A(1)	$13.97	193,384	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Pursuant to a previous arrangement, the Reporting Person elected to receive common units in lieu of a cash retainer for service on the Board of Directors of the Partnership's General Partner.

Remarks:

	/s/ Steve Putman, attorney-in-fact for William E. Randall	07/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)